Tag Archives: Stephen Harper

Round-up of US media interviews with Stephen Harper

Canadian Prime Minister Stephen Harper
Canadian Prime Minister Stephen Harper

I spotted this round-up of media interviews with Stephen Harper on the Canadian blog Blue Like You. I’ve already blogged about the CNBC interview with optimistic Larry Kudlow here. That interview focused on economic policy.

In the Fox Business interview with Alexis Glick, (video here), she explains how Canada was able to avoid the subprime lending crisis.

Immediately after I talked to the vice chairman of the Swedish central bank, I interviewed — in a “First on Fox Business” — Canadian Prime Minister Stephen Harper about a lot of things: Everything from his meeting with President Obama last week, to NAFTA to the “Buy American” clause in the stimulus to carbon emissions and the Canadian Sands to the banking system. Why has Canada’s banking system withstood the financial crisis while other countries banking systems like the U.S. are in such dire straits? In 2008, the World Economic Forum ranked Canada’s banking system the healthiest in the world. The U.S. was ranked 40th. Canada’s system has much stronger federal regulations and lower mandatory leverage ratios. Canada’s firms never engaged in subprime mortgage lending. For over a decade, Canada has posted budget surpluses; only in the last quarter did they enter into a recession. What is working? What lessons could we learn from them? Take a look. Prime Minister Harper is very impressive.

Canada does not believe in forcing banks to make loans based on ACORN’s vision of social justice. I explained how Democrats like Carter and Clinton forced banks to make these loans and how Republicans tried in vain to stop them, here.

The Wall Street Journal interview was more focused on foreign policy. You may have heard of Harper’s recent free trade deal with Peru. But did you know that Canada also signed a free trade deal with Colombia?

But the mention of Canadian and American political opposition to free-trade agreements with Colombia has sparked a change in the PM’s unflappable manner. For a fleeting moment, what sounds a lot like frustration emerges. “I’m not going to say it’s a perfect government, but we have a government in Colombia that is democratically elected, that has increased democratic norms, that has taken on the insurgency, that is moving that country forward economically and politically. And it is in a hemisphere where we have an increasing number of real serious enemies and opponents.”

Meanwhile, the economically-illiterate, protectionist ACORN lawyer rejected a free trade deal with Colombia.

And did know that Canada has been taking a leading role in foreign policy?

Since establishing a minority government in January 2006, this prime minister and his Conservative Party have restored Canada’s international prestige by increasing military funding and tenaciously supporting Canada’s dangerous NATO mission in the Afghan province of Kandahar. No NATO ally has put more on the line against the Taliban, and Mr. Harper seems to sense not just the opportunity but the need for Canada to capitalize on it. There is a vacuum in conservative leadership in North America and on the world stage, and Mr. Harper is stepping into it. His objective would appear to be the restoration of liberal-democratic resolve against tyranny.

You want Reaganesque? I’ll give you Reaganesque:

An unreliable NATO has implications for Canada not least because Russia is once again becoming a menace. The Kremlin’s claim to the Arctic seabed can be discounted, he argues, because it is being pursued through the United Nations Law of the Sea Treaty. But other provocations are worrisome. “They are testing our airspace more frequently than they have been doing in a long, long time,” he says. “It’s the aggression in the Arctic, aggression more generally, an aggression that is increasingly troublesome just to be troublesome.”

Check this out: 2 CF-18 fighters intercepted a Russian bomber that was snooping near Canadian airspace just last week. Look, if Obambi wants to focus on increasing welfare and nationalizing health care, then maybe Canadians will have to pick up the slacker’s slack.

I rarely say this, but I am going to say it for this WSJ interview: READ. THE. WHOLE. THING.

UPDATE: Welcome, Canadian visitors from Blue Like You! Thanks for the link Joanne! I’ve just blogrolled you! I am hoping Stephen Harper gets his majority soon, so he can get rid of those pesky HRCs that keep going after Ezra Levant.

UPDATE 2: I noticed in the comments on Blue Like You that they referenced this interview from CNN with Wolf Blitzer. Here is the video and a news article from the National Post. Ooops. I think the commenter Allison meant a more recent CNN interview with Fareed Zakaria which is here.

UPDATE 3: Welcome visitors from Post-Darwinist! Thanks for linking to me,  Denyse!

Canadian prime minister Stephen Harper interviewed by Larry Kudlow

Canadian Prime Minister Stephen Harper
Canadian Prime Minister Stephen Harper

Larry Kudlow sat down with Canadian prime minister Stephen Harper and had a conversation about Canada’s economic situation and policies. (Video here)

Kudlow first asks Harper about the banking situation in Canada. Harper says that the banks are run much more tightly in Canada. Harper explains that there are no bailouts planned for Canadian banks because Canadian banks are private institutions.

KUDLOW: Let me begin with an interesting subject here, banking. Everybody’s talking about banking. The Canadian banks appear to be in much better shape than the American banks. They have fewer toxic assets. Their losses aren’t nearly as bad. No one’s talking about bankruptcy up there. I want to learn from our northern cousins. What can you tell us? Why are Canadian banks looking better than our banks?

HARPER: Well first of all I can tell you, it is true. We have, I think, the only banks in the western world where we’re not looking at bailouts or anything like that.

KUDLOW: No TARP money sir, if I’m not mistaken? No TARP money?

HARPER: We haven’t got any TARP money. We’ve gone in and done some market transactions with our banks to improve liquidity. But I think the reasons are really complex, Larry. You know, first of all, our banks are private. We don’t have a Fannie Mae or Freddie Mac equivalent mucking around in the system.

KUDLOW: Is that a lesson right there Prime Minister?

HARPER: Well, I think my observation is those are institutions with a difficult private/public mix. And sometimes private/ public mixes have benefits and sometimes they have the worst of both worlds. We don’t have anything like that. We do have though, a strong system of regulation, and activist regulators, who go and meet with the sector. But they’re macro, prudential kind of regulations. They don’t try and micromanage banks’ decisions. We try and establish good oversight and transparency.

KUDLOW: Do you have leverage and borrowing ratios that might have been enforced? Because that’s clearly one of the breakdowns here in the states?

HARPER: Well, we do have leverage ratios. What’s ironic is that our own banks had not actually achieved those ratios. They were actually working under them. Part of what we…

KUDLOW: They were under leveraged?

HARPER: They were under leveraged.

KUDLOW: Wait, wait. Canadian banks were under leveraged?

HARPER: Under what they could have been.

KUDLOW: I didn’t know there was such a thing on this entire planet earth.

HARPER: Well I think part of what we have done is through the system of regulation we’ve had, we’ve encouraged a fairly cautious culture in the banks. For example, our banks, when they sign mortgages, largely hold those mortgages rather than trading them. So they have a lot more interest in the underlying quality of those mortgages. And we avoided the sub-prime kind of problem.

Kudlow goes on to quiz Harper on individual income tax rates, corporate income tax rates, tax cuts, Canadian energy production, carbon emissions, protectionism/free trade and auto-union bailouts. If you want to know what it is like to have an F.A. Hayek-admiring economist running your country, (BA and MA in Economics from the University of Calgary), read the whole thing!

UPDATE: More interviews with Stephen Harper with CNN, Wall Street Journal and Fox Business are here!